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Update: US Equity Futures Slightly Higher Pre-Bell As US-Iran Talks Start in Switzerland

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were marginally higher pre-bell Monday as traders considered the latest developments in the initial talks between the US and Iran, which target a more permanent peace deal.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were flat, and Nasdaq futures were 0.3% higher.After a memorandum of agreement was signed last week between US and Iran, US Vice President JD Vance and Iran's parliamentary speaker Mohammad Bagher Qalibaf completed the first round of high-level talks in Switzerland aimed at ending the war in the Middle East. Mediators Pakistan and Qatar said there was "encouraging progress" made in the negotiations, with technical discussions continuing this week.However, shipping stalled in the Strait of Hormuz over the weekend after Iran declared the waterway closed once again due to Israeli strikes in Lebanon, CNBC reported, citing data from maritime intelligence firm Windward. President Donald Trump said in a post on Truth Social that Iran should stop its proxies in Lebanon "from causing trouble." Trump added, "If they don't, we'll hit Iran very hard again, just like we did last week, only harder!!!"FedEx (FDX) and Micron Technology (MU), among others, are scheduled to report quarterly financial results this week.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.5% at $78.06 per barrel and US West Texas Intermediate crude 1.7% lower at $74.56 per barrel.The economic calendar is vacant on Monday.In other world markets, Japan's Nikkei closed 1.6% higher, Hong Kong's Hang Seng ended 0.7% lower, and China's Shanghai Composite finished 1.8% higher. Meanwhile, the UK's FTSE 100 was up 0.5%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Alphabet (GOOG, GOOGL) shares were down 2.1% after Google DeepMind data scientist and Nobel Prize winner John Jumper said he is leaving the company to join Anthropic. SpaceX (SPCX) stock was down 3.8% after a Financial Times report that the company was assigned MSCI's lowest possible ESG rating, triple-C, ahead of its $75 billion initial public offering earlier this month. Robinhood Markets (HOOD) stocks fell 1.3% after the company said it plans to offer $2 billion worth of convertible senior notes due 2029 in a private placement.On the winning side, AbbVie (ABBV) and Apogee Therapeutics (APGE) shares were up 1.1% and 47%, respectively, after the two companies said AbbVie has agreed to acquire Apogee Therapeutics for $135.11 per share in cash for a total equity value of $10.9 billion.

Dow JonesNasdaq CompositeS&P 500$ABBV$APGE$FDX$GOOG$GOOGL$HOOD$MU$SPCX

Asia Markets1d ago

Emirati Shares Begin New Week Upbeat; US-Iran Peace Talks Progress

United Arab Emirates stocks closed higher on the first trading day of the week, buoyed by progress in peace talks and easing tensions between the US and Iran.At the close of Monday trading, the FTSE ADX General Index was up 0.189%, while the DFM General Index added 0.324%.The US and Iran concluded their first round of talks mediated by Pakistan and Qatar in Switzerland. Both countries agreed to a 60-day roadmap towards reaching a final deal, the establishment of a direct communication line to safeguard commercial vessels passing through the Strait of Hormuz, and a mechanism to end military operations in Lebanon."While the market is pricing a reopening of the Strait, risks remain to oil supply related to the negotiations. If the negotiations around nuclear materials and operations are unsuccessful, there is no guarantee that the Strait will remain open. Further conflict in Lebanon between Israel and Hezbollah could also derail the negotiations," Berenberg said.Back at home, Abu Dhabi Registration Authority logged a 21% year-over-year growth in new economic licenses in the first quarter despite the ongoing regional developments in the Middle East.On the corporate front, Abu Dhabi National Co. for Building Materials (ADX:BILDCO), d/b/a Bildco, closed the session 0.57% in the red. The building materials company appointed Woods Bagot as the lead master planning consultant for its sustainable urban development project in Abu Dhabi.On the other hand, pure-play real estate investment trust Dubai Residential REIT (DFM:DUBAIRESI) secured inclusion in the FTSE EPRA Nareit Emerging Index following a recent review by FTSE Russell. Its shares ended the session unchanged.

^DFMGI^FADGIADX:BILDCODFM:DUBAIRESI

Asia Markets1d ago

US Equity Investors to Watch Out for Micron Technology's Earnings, PCE Inflation, Iran Peace Talks This Week

US equity investors will focus this week on quarterly earnings from Micron Technology (MU) and inflation, while keeping a close eye on progress in talks between Iran and the US.* Earnings due this week include Micron Technology (MU), FedEx (FDX), Cerebras Systems (CBRS), Carnival (CCL), Trip.com (TCOM), Darden Restaurants (DRI), and Paychex (PAYX).* Looking ahead to Q2, consensus estimates call for earnings growth of more than 22%, according to a note from DA Davidson late Thursday. All of the S&P 500 constituents have reported Q1 results. Earnings surged almost 29% year-over-year, versus nearly 13% expected as of March 31, the strongest growth since Q4 2021. Information technology and communication services led the growth. Health Care was the only sector to see earnings fall in Q1.* Macroeconomic data due this week includes personal consumption expenditures, or PCE, price index, final read on Q1 gross domestic product, ADP employment change, S&P global composite PMI, durable goods orders, and Michigan consumer sentiment final, as well as inflation expectations.* "We used to think [PCE] was the Federal Reserve's favourite inflation gauge but now we're less sure given the arrival of a new Chair [Kevin Warsh] who launched five taskforces this past week including one to look at different measures of inflation," a Scotiabank note said late Thursday.* The US and Iran agreed to create a "de-confliction cell," facilitated by Qatar and Pakistan to ensure the end of military operations in Lebanon, CNN cited mediators in a news report early Monday. Fighting between Israel and Iran-backed Hezbollah has been a key obstacle to a deal, with Tehran insisting that deadly Israeli strikes must stop.* Iran's foreign minister, Abbas Araghchi, said sanctions on Tehran's oil were waived and some of its frozen assets released, CNN reported. Araghchi was also cited as saying a "reconstruction and development plan" was launched.

Dow JonesNasdaq CompositeS&P 500$CBRS$CCL$DRI$FDX$MU$PAYX$TCOM

Asia Markets1d ago

Singapore Shares in Green as US-Iran Continue with Peace Negotiations

Singapore shares closed higher on Monday, with investor sentiment given a boost as dialogue between the US and Iran for lasting peace continued.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,204.01 and 5,174.30 throughout the day. It ended the session at 5,204.01, up 11.31 points or 0.2% compared to Friday's close.On the corporate front, shares of Asiatic Group (SGX:5CR) plunged over 25% as it agreed to dispose of a 49% stake in Colben Energy (Cambodia) to the chairman of its joint venture partner, Royal Group Phnom Penh, for $3.1 million.MetaOptics (SGX:9MT) closed nearly 2% as it received a revised listing and quotation notice from the SGX-ST for up to 121.3 million new shares to support its proposed listing on the Nasdaq exchange via American Depository Shares.Meanwhile, shares of Frasers Logistics & Commercial Trust (SGX:BUOU) were down nearly 2% at the close as it signed two five-year property management agreements.

^STISGX:5CRSGX:9MTSGX:BUOU

Asia Markets2d ago

Tadawul Shares Start Week Lower; Saudi's Operating Revenues Index Ticks Up in April

Saudi Exchange-traded shares closed Sunday lower as Iran's announcement regarding the reclosure of the Strait of Hormuz pushed the Tadawul All Share Index 0.40% in the red.The command center of Iran's Armed Forces disclosed that the operations of the Iranian and Omani coasts along the Strait will be closed again. The move was due to the US allegedly breaching its memorandum of understanding to end the war.The statement comes as US Vice President JD Vance and Iranian Foreign Ministry spokesperson Esmail Baghaei met in Switzerland to iron out more details for the peace deal.Back at home, preliminary data demonstrated that the kingdom's operating revenue and employee compensation indices in April rose 10.6% and 10.1% year over year, respectively. Additionally, issued building permits surged annually by 28.2% to 7,356 in the reporting month from 5,740 a year ago."On a monthly basis, the Operating Revenues Index decreased by 3.8%, affected by a 19.1% decrease in manufacturing and mining and quarrying activities, a 1.5% decline in wholesale and retail trade and repair of motor vehicles activities, a 2.5% decline in financial and insurance activities, and decreases of 1.5% and 4.9% in information and communication activities and transportation and storage activities, respectively," the General Authority for Statistics said in its report.On the corporate front, Alkhorayef Water and Power Technologies (SASE:2081) entered into 60-month contracts to clean the stormwater and surface water networks of the sub-municipalities of the Jeddah Amana Municipality in Saudi Arabia. Shares of the water and wastewater management company closed 0.42% lower.

^TASISASE:2081

Asia Markets4d ago

UK Shares Fall Amid Uncertainty Over US-Iran Truce

British equities wrapped up the week in the red, with London's FTSE 100 down 0.41%, as investors assessed fresh economic data and monitored developments in the Middle East.Data from market research company Growth from Knowledge showed Britain's consumer confidence indicator at -23 points in June, unchanged from the previous month. The indicator defied analysts' expectations for a dip to -24 points.Meanwhile, the latest retail sales figures from the UK's Office for National Statistics painted a picture of recovery, with monthly retail sales in May up 1.2%, rebounding from a revised 1% decline in April and exceeding forecasts of a 0.5% increase. Year over year, retail sales in the UK rose 3.2% in May.Separate ONS data showed UK public sector net borrowing, excluding public sector banks, increased to 23.29 billion pounds sterling in May from 23.03 billion pounds earlier."Spending on debt interest, public services, investment and benefits all increased in May 2026, compared with last May, more than outweighing higher tax receipts," ONS Senior Statistician Tom Davies said.Geopolitical developments also remained in focus after planned US-Iran talks in Switzerland were postponed, casting uncertainty over the timing of further negotiations aimed at easing tensions in the Middle East. Switzerland said it remains willing to facilitate future discussions.On the corporate front, Entain (ENT.L) is reportedly considering options for its Central and Eastern Europe joint venture, including a potential sale of its majority stake to partner EMMA Capital. According to Reuters, proceeds from a deal could be used to reduce the betting and gaming company's debt. Entain wrapped up the week 1.23% lower.

FTSE 100$ENT.L

Asia Markets4d ago

Swiss Market Index Closes Week Little Changed; US-Iran Talks Postponed

Swiss stocks concluded the trading week little changed amid a quiet day of economic news locally and light trading volumes due to a US holiday.The Swiss Market Index was up 0.06% at the end of Friday's trading session.On the geopolitical front, the planned talks between the US and Iran set to take place today in Switzerland regarding the implementation of the recently signed memorandum of understanding were postponed "for the time being," the Swiss Federal Department of Foreign Affairs said in a release without specifying any reasons for the cancellation. Preparations for the talks at the Bürgenstock, however, were continuing.The postponement comes as Israel launched airstrikes in Lebanon, Reuters and other media outlets reported.In corporate news, Holcim (HOLN.SW) completed its purchase of Germany-headquartered walling systems company Xella as part of its growth strategy, with the acquisition expected to be accretive to the Swiss building materials company's EPS and cash flow from the first year. Holcim's shares closed the session 0.67% lower.Berenberg raised its price target for Eli Lilly (LLY.SW) to $1,135 from $1,050, with an unchanged hold rating on the stock, taking into account higher expectations for the Switzerland-listed pharmaceutical company's injectable obesity franchise."Eli Lilly delivered excellent P3 efficacy and safety data for retatrutide (tri-agonist) at the ADA conference; we raise our forecasts accordingly. Meanwhile, the launch ramp of Foundayo (oral GLP-1) remains slow, in sharp contrast with that of Novo's Wegovy pill. Our Foundayo forecasts are below consensus," the research firm said. "In H2, we expect additional P3 retatrutide and Foundayo obesity co-morbidity data, P2 tirzepatide plus eloralintide obesity combination data and P3 remternetug data in Alzheimer's disease."

^SSMI$HOLN.SW$LLY.SW

Asia Markets4d ago

Blue-chip DAX Index Ends Flat; German Producer Prices Rise

The blue-chip DAX index ended the last trading session of the week flat, as investors digested fresh producer price data alongside a new US trade probe launched against Germany's pharmaceutical sector.Destatis reported that annual producer prices rose 2.2% in May, compared with a 1.7% gain earlier and the market forecast of a 2.5% jump. Monthly producer prices were 0.3% higher, missing the expected 0.7% uptick. The German Federal Statistical Office attributed the year-over-year increase to higher costs of intermediate goods and energy prices.On the trade front, the US government launched an investigation aimed at determining whether pharmaceutical pricing policies in Germany pose "unreasonable or discriminatory" barriers to American commerce. According to US Trade Representative Jamieson Greer's office, the investigation came after "months of meaningful discussions" with German partners to settle the matter."I am particularly concerned with news that Germany is fast-tracking legislation that would further reduce its spending on innovative pharmaceuticals. This is a serious step backwards at a time when our trading partners need to step up and start paying their fair share to fund innovative pharmaceutical research and development," Greer said.Meanwhile, geopolitical uncertainty resurfaced after the Swiss Federal Department of Foreign Affairs confirmed that the scheduled peace talks between the US, Iran, Qatar and Pakistan were postponed. The delay threatens to cloud the outlook for the recently signed temporary agreement.In corporate news, Commerzbank (CBK.F) pushed back against UniCredit's claim of support for its takeover bid, arguing that the disclosed 12.51% acceptance rate was largely driven by banks and parties linked to the Italian lender. Commerzbank toldthat acceptance among institutional and retail investors was "just slightly above 1%." The German bank gained 0.70% at Friday's close.AlphaValue/Baader Europe cut its full-year 2026 and 2027 EPS estimates for Mercedes-Benz Group (MBG.F) by 15.2% and 20.7%, respectively, to 4.72 euros and 5.75 euros, flagging a "significantly" lower 2026 passenger car registration forecast from the China Passenger Car Association."This deterioration in the market outlook leads us to expect a weaker-than-previously-anticipated performance in China for Mercedes. In addition, BMW [BMW.F] recently highlighted increasing competitive pressure across the broader Asia-Pacific region, most likely as Chinese [original equipment manufacturers] continue to increase exports to these regions, further exacerbating pricing pressure, a headwind that we also expect to affect Mercedes. Consequently, the risk of a profit warning appears to be increasing," the research firm wrote. Mercedes-Benz gained 0.85%, while BMW climbed 0.57%.

^DAX$BMW.F$CBK.F$MBG.F

Asia Markets4d ago

UAE Stocks Snap Winning Streak as US-Iran Defer Peace Talks

Emirati Equities ended a three-day winning streak on the last day of a shortened trading week, which saw the release of the US Federal Reserve interest rate decision and the signing of an interim deal between the US and Iran.At the close of Friday trading, the FTSE ADX General Index fell 0.956%, while the DFM General Index lost 1.691%.The Swiss Federal Department of Foreign Affairs said Friday that the planned peace talks between the US and Iran on the same day have been postponed, injecting fresh uncertainty into the recently signed initial peace deal.Also weighing on sentiment were Israel's airstrikes in southern Lebanon that resulted in at least 18 casualties, as reported by various media outlets. The end to hostilities on all fronts, including Lebanon, was a key demand from Iran for any peace agreement."Ongoing Israeli strikes in southern Lebanon, which have continued post-deal signing, pose perhaps the greatest near-term threat to the deal, as officials in Tehran insist that they represent a clear violation of the MoU. Hence, while the deal is not necessarily dead on arrival, there appear to be real risks to its staying power," RBC Capital Markets said in a note.Zooming in at home, Dubai Chambers discussed and explored initiatives to boost trade and investment between Dubai and Toronto during its meetings with Canadian economic and investment institutions, including Toronto Global, the Ontario Chamber of Commerce, and the Toronto Region Board of Trade.On the corporate side, Aldar Properties (ADX:ALDAR) was the Abu Dhabi bourse's most traded stock by value and closed 1.78% lower. The real estate manager and investor launched the new Orchids at Yas Acres residential community on Yas Island in Abu Dhabi.Elsewhere, Amanat Holdings (DFM:AMANAT) assumed full ownership of Cambridge Health Group after purchasing the remaining 10.03% stake it did not own in the group. Shares of the healthcare and education investment company closed the session 0.78% in the green.

^DFMGI^FADGIADX:ALDARDFM:AMANAT

Asia Markets4d ago

Update: US Equity Indexes Rise as Washington Lifts Blockade of Iran's Ports, Deal Sets Up Hormuz Chokepoint for Reopening

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose after a peace deal signed by President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, led to Washington lifting its blockade of Tehran's ports on Thursday and as mega-cap semiconductor names rallied.The Nasdaq Composite advanced 1.9% to 26,517.93, with the S&P 500 up 1.1% to 7,500.58 and the Dow Jones Industrial Average higher by 0.1% to 51,564.70 on Thursday.Technology led the gainers, followed by consumer discretionary and communication services. Energy led the decliners.The US on Thursday lifted its blockade of Iran, and oil tankers began freely moving through the Strait of Hormuz after months of being unable to use the critical channel, as the tentative agreement to end the war took effect, according to the Associated Press. US Vice President JD Vance said that the 60-day negotiating period between Tehran and Washington began on Thursday, Al Jazeera reported.Iran's Supreme National Security Council says that the Persian Gulf Strait Authority has been charged with issuing permits as fast as possible for commercial vessels wishing to transit the Strait of Hormuz, the Al Jazeera report said.Front-month global benchmark North Sea Brent shed 0.3% to $79.34 per barrel, and the US West Texas Intermediate climbed 0.3% to $76.55 per barrel. Both the WTI and Brent traded more than 2% lower earlier in the session.The US expects "a complete ceasefire on all fronts", including Lebanon, Hezbollah, and Israel, Al Jazeera cited US President Donald Trump as saying. "We encourage everyone in the Middle East Region to maintain their commitment to allowing our negotiations to beautifully unfold.""You can't just kill your way out of solving every single national security problem that you have," Al Jazeera cited Vance as saying in reference to Israel.In company news, Intel (INTC) shares surged 11% to among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.Tower Semiconductor (TSEM) said it shipped more than five million coherent photonic integrated circuits in partnership with Marvell Technology (MRVL). Shares of Marvell jumped 7.3%, among the top gainers on the Nasdaq.In economic news, US initial jobless claims fell to 226,000 in the week ended June 13 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In precious metals, gold futures slumped 3.3% to $4,238.30, while silver futures plummeted 6.7% to $66.51 as investors priced in higher interest rates this year.On Wednesday, the Federal Reserve unanimously left its benchmark rate unchanged in the 3.50% to 3.75% range, while excluding language that suggested a lingering bias toward cuts. The probability of US interest rates rising to the 4% to 4.25% target range soared to 33% as of Thursday afternoon from 14% a week ago, implying the market doubled its outlook for two rate increases of 25 basis points each by the end of 2026, according to the CME FedWatch tool.US Treasury yields traded mixed, with the 10-year down less than one basis point to 4.45%, while the two-year rose 1.6 basis points to $4.18%.

Dow JonesNasdaq CompositeS&P 500$AAPL$INTC$MRVL$TSEM

Asia Markets4d ago

US Equity Indexes Rise This Week as Signing of Iran Peace Deal Lays Groundwork for Hormuz Chokepoint Reopening

US equity indexes rose this week as the interim Iran peace agreement set the stage for reopening the Strait of Hormuz, outweighing the Federal Reserve's hawkish tone at the June policy meeting.* The S&P 500 closed at 7,500.58 on Thursday versus 7,431.46 a week ago. The Nasdaq Composite stood at about 26,517.93, compared with 25,888.84 a week earlier. The Dow Jones Industrial Average ended at 51,564.70, versus 51,202.26 at the end of last week.* President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, digitally signed a memorandum of understanding targeting a permanent deal to end the war between the US and Iran.* "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days," Reuters cited from the MoU.* West Texas Intermediate crude oil traded at $73.81 late Thursday, heading for pre-Iran war levels ahead of the reopening of the Persian Gulf chokepoint for about a fifth of global crude oil flows.* The US 10-year Treasury yield traded at 4.43% late Thursday, after touching 4.66% in May, as slumping oil prices alleviated inflation concerns.* The Fed kept policy steady to mark its fourth consecutive pause, but ejected the so-called lingering easing bias from its policy statement.* "While Chair [Kevin] Warsh was unwilling to indicate the direction of the Fed funds rate ahead, nine of his 18 colleagues had no such reservations and pencilled in a hike to 3.75-4.00% by year-end in the dot plot," Berenberg said in a note. "That was a big change from the previous iteration in March, in which 12 out of 19 were expected to cut this year.* "This, alongside Warsh's defence of his Fed's commitment to the 2% inflation half of the Fed's mandate, led investors to price in 38bp of tightening this year, up from 21bp previously," the Berenberg note said. "A hike is now fully priced in by October."

Dow JonesNasdaq CompositeS&P 500

Asia Markets5d ago

Exchange-Traded Funds, US Equities Higher After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were higher after midday Thursday. Actively traded Invesco QQQ Trust (QQQ) was up 2.4%.US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each fell 2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) and iShares US Technology ETF (IYW) rose 2.9% each, while iShares Expanded Tech Sector ETF (IGM) was up 2.8%.The State Street SPDR S&P Semiconductor (XSD) increased and iShares Semiconductor (SOXX) were up 6.4% each.FinancialThe State Street Financial Select Sector SPDR (XLF) dropped 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) shed 1.9%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 2%.CommoditiesCrude oil decreased 2.1%, and the United States Oil Fund (USO) fell 1.3%. Natural gas gained 2.5%, and the United States Natural Gas Fund (UNG) was 1.3% higher.Gold on Comex lost 3.3%, and the State Street SPDR Gold Shares (GLD) also dropped 0.2%. Silver declined 6.5%, and iShares Silver Trust (SLV) was down 1.4%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was down 0.2%. The Vanguard Consumer Staples ETF (VDC) fell 0.2% and iShares Dow Jones US Consumer Goods (IYK) was down 0.4%.The State Street Consumer Discretionary Select Sector SPDR (XLY) gained 1.6%. VanEck Retail ETF (RTH) was 0.9% higher, and the State Street SPDR S&P Retail (XRT) moved up 2.5%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) shed 0.9%, iShares US Healthcare (IYH) decreased 0.7%, and Vanguard Health Care ETF (VHT) slipped 0.7%. IShares Biotechnology ETF (IBB) dropped 0.4%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 1.1%. Vanguard Industrials Index Fund (VIS) gained 1.3%, while iShares US Industrials (IYJ) rose 0.6%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) was down 2.7%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) declined 2.7%, ProShares Ether ETF (EETH) fell 3.1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.8% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH

Asia Markets5d ago

Update: US Equity Indexes Jump as Crude Oil Heads for Pre-War Levels Ahead of Iran Reopening Hormuz Chokepoint

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.The Nasdaq Composite advanced 1.5% to 26,406.3, with the S&P 500 up 1.1% to 7,499.9 and the Dow Jones Industrial Average higher by 0.4% to 51,673.7 after midday Thursday.All sectors except energy, health care, consumer staples, and financials rose. Technology led the gainers, followed by consumer discretionary.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran."Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters cited one of the clauses in the framework agreement. "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days."Crude oil futures declined, with front-month global benchmark North Sea Brent slumping 2.6% to $77.49 per barrel after midday. The US West Texas Intermediate sank 3% to $74.50 per barrel, the lowest level since around early March.Most US Treasury yields fell, with the 10-year down 2.2 basis points to 4.44%, as sliding crude oil alleviates inflation concerns.In precious metals, gold futures slumped 3.2% to $4,240.5, while silver futures plummeted 6.6% to $66.13 as investors priced in higher interest rates this year.On Wednesday, the Federal Reserve unanimously left its benchmark rate unchanged in the 3.50% to 3.75% range, while excluding language that suggested a lingering bias toward cuts. The probability of US interest rates rising to the 4% to 4.25% target range soared to 33% as of Thursday afternoon from 14% a week ago, implying the market doubled its outlook for two rate increases of 25 basis points each by the end of 2026, according to the CME FedWatch tool.In company news, Intel (INTC) shares surged 11% to among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.Tower Semiconductor (TSEM) said it shipped more than five million coherent photonic integrated circuits in partnership with Marvell Technology (MRVL). Shares of Marvell soared 12%, the top gainer on the Nasdaq.In economic news, US initial jobless claims fell to 226,000 in the week ended June 13 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.

Dow JonesNasdaq CompositeS&P 500$AAPL$INTC$MRVL$TSEM

Asia Markets5d ago

Swiss Blue-chip Index Blinks Red; Swiss National Bank Holds Rate

The Swiss Market Index slipped into the red on Thursday, closing 0.36% lower, as investors digested the details of the 14-point initial agreement signed by the US and Iran amid a busy day of economic data releases and monetary policy decisions across key markets.The Federal Government Expert Group on Business Cycles downwardly adjusted its 2026 sport event-adjusted gross domestic product growth estimate for Switzerland to 0.9% from the previous 1% forecast, mainly due to increased energy prices caused by the war in the Middle East and continued uncertainty related to international trade and economic policy. For 2027, the Swiss economic growth forecast was trimmed to 1.6% from 1.7%.Meanwhile, Switzerland's trade surplus stood at 5.64 billion francs in May, up from the revised 3.28 billion francs in April, data from the Federal Office for Customs and Border Security showed. Seasonally adjusted exports jumped 13.4%, while imports rose 3.4%.In regulatory news, the Swiss National Bank (SNBN.SW) maintained its policy rate at 0%, as expected, saying medium-term inflationary pressure remains "virtually unchanged" despite an increase in inflation over the last few months due to higher energy prices."While early-year deflation concerns have eased, the risk of a significant inflation pick-up in the coming months appears limited. The SNB now forecasts inflation at 0.6% in both 2026 and 2027, and 0.7% in 2028 - each revised up slightly by 0.1pp compared to March projections. Inflation is expected to reach 0.8% in the first quarter of 2029," ING said in a note. "Overall, the outlook remains benign, with inflation comfortably within the SNB's target range. In our view, this points to an unchanged monetary policy stance in the coming quarters. We expect policy rates to remain at 0% for at least the next two years."On the corporate front, AlphaValue/Baader Europe raised its price target for Belimo (BEAN.SW) to 858 francs from 776 francs, with the stock rated sell, viewing the Swiss heating, ventilation, and air-conditioning control devices company's addressable market as larger than previously anticipated. Belimo's shares were up 0.52% at closing."Our target price increases as we have revised upward our assumptions regarding AI-related capital expenditures, particularly in the US, where data centre investments continue to accelerate," the research firm said. "In addition, we view the current trade environment as becoming more constructive than previously feared. While Belimo remains exposed to tariffs and trade-related uncertainties, we believe the recent EU-US trade agreement reduces the risk of further escalation, and provides a more stable backdrop for cross-border industrial activity."

^SSMI$BEAN.SW$SNBN.SW

Asia Markets5d ago

German Stocks Extend Gains as US-Iran Sign Interim Peace Deal

German shares extended their gains on Thursday, with the blue-chip DAX index climbing 0.37%, as the US and Iran signed a tentative peace agreement earlier than anticipated.Ahead of an initially expected Friday timeline, US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, digitally signed a memorandum of understanding aiming to permanently end their conflict and reopen the Strait of Hormuz. The news boosted market sentiment and helped drive oil prices lower.On the economic side, the ifo Institute reduced its 2027 price-adjusted gross domestic product growth projection for Germany to 0.8% in its summer economic forecast, from 1.2% previously, while maintaining its 2026 assumption at 0.8%. Even as estimates are based on a gradual decline in energy prices following the US-Iran peace agreement, the research institute warned that prices could remain above pre-war levels, potentially shaving 0.4 percentage points off growth in both 2026 and 2027."While a massive energy price shock caused by the Middle East conflict is slowing down the economy, a highly expansionary fiscal policy is supporting growth. The economy is currently being shaped by conflicting forces," the ifo wrote.On the corporate front, Siemens Energy (ENR.F) was DAX's top stock, closing 4.70% higher, as the German energy technology company confirmed withthat it is evaluating the long-term setup of its Transformation of Industry unit in an effort to accelerate its growth. Siemens Energy said that no final decisions have been made, clarifying an earlier report by Manager Magazin, citing confidential internal documents. The report stated that the company is weighing a potential spinoff of its compressors and steam turbines division.Meanwhile, Deutsche Bank Research forecasts BASF's (BAS.F) second-quarter EBITDA will beat market expectations, while anticipating that the German chemicals company will affirm its full-year 2026 outlook during its earnings report on July 29."We forecast Q2 EBITDA to be up 31% YoY to EUR2.088bn (2% above consensus), driven by strong growth in the upstream businesses on improved pricing/margins alongside higher volumes. We expect mgmt to reiterate the FY 26 EBITDA guidance of EUR6.2-7.0bn. Yet we remain slightly above despite modest EPS cuts (1-4%) to reflect the [faster-than-expected normalization] of margins as supply disruptions ease. We are 8% above the mid-point and 2% above the high end of the range, but 2% below consensus," Deutsche Bank Research wrote. BASF was down 2.71% at closing.

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Asia Markets5d ago

UK Shares Fall as Central Bank Keeps Policy Status Quo; Informa Gains

British equities retreated on Thursday, with the FTSE 100 down 1.04% in closing trade, as investors evaluated the latest labor data and the Bank of England's interest rate decision.The central bank left its key interest rate unchanged at 3.75%, as widely expected. The Monetary Policy Committee voted 7-2 to keep rates unchanged, with two members favoring a 25-basis-point increase to 4%.Meanwhile, Britain's unemployment rate was 4.9% in the three months to April, below the 5% consensus estimate and the 5% reading for the quarter to March, according to data from the Office for National Statistics. Average weekly earnings including bonuses rose 4.4% year over year, matching the revised increase in the previous period and exceeding expectations for 4% growth. Excluding bonuses, earnings growth held steady at 3.4%, above the 3.2% consensus forecast."While half of the big drop in payroll employment in April was revised away, the big picture is that payrolls continue to trend down. The three measures of employment that the Office for National Statistics publishes agree that employment is stagnant at best. Do not take the decline in the unemployment rate to 4.9% in the three months to April from 5.2% in the prior three months as a sign the labour market is improving either," Berenberg said.In corporate news, Informa (INF.L) rose 2.76% after affirming its 2026 guidance for double-digit underlying growth in adjusted EPS. The events, digital services, and academic research group's underlying revenue for the five months ended May 31 climbed 6.4% year over year."While we expect little change to consensus forecasts ahead of [interim results], the solid YTD performance should offer encouragement," BofA Global Research said. "We expect investors to continue to look through short-term disruption and remain confident in the long-term growth outlook as 2027 offers reacceleration in earnings growth into the biennial 'up year' (BofAe EPS +3% ahead of consensus)."Melrose Industries (MRO.L) gained 2.01% after BofA affirmed its buy rating for the aerospace company. "While there have been investor concerns around [free cash flow] and earnings quality, we feel these are well understood and the underlying drivers of cash earnings remain intact. Against this backdrop, we see Melrose as attractive, with a broadly in-line 1H26 print likely to provide incremental confidence in a valuation floor," analysts wrote.In geopolitical news, US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, digitally signed a memorandum of understanding to end the conflict and reopen the Strait of Hormuz. The focus now shifts to a 60-day negotiating period over Tehran's nuclear program.

FTSE 100$INF.L$MRO.L

Asia Markets5d ago

European Stocks Close Mixed in Thursday Trading; Investors Wary of Fed Chair Warsh's Comments

The European stock markets closed mixed in Thursday trading as investors parsed somewhat hawkish commentary from new Federal Reserve Chair Kevin Warsh, as well as prospects for a tighter US monetary policy.The Stoxx Europe declined 0.4%, Germany's DAX gained 0.3%, the FTSE 100 fell 1.1%, France's CAC rose 0.4%, and the Swiss Market Index closed 0.5% lower.The Bank of England's Monetary Policy Committee voted 7 to 2 to maintain interest rates at 3.75%. The two dissenters voted to increase rates by 25 basis points to 4%.And in corporate news, HSBC has been ordered by Australia's Federal Court to pay a 35 million Australian dollars ($24.6 million) penalty after admitting to serious failures in protecting customers from scams, the Australian Securities and Investments Commission said Thursday.The commission said the court found the bank failed to implement key scam-prevention controls on an internal payment system where most customer losses occurred, took an average of 144 days to investigate scam reports, and did not properly apply rules determining whether customers or the bank should bear scam-related losses.Shares of the British bank edged 0.1% lower in London.BHP said Thursday that it expects to record an impairment charge of about $2.3 billion related to its investment in the Jansen project after increasing the estimated cost of the Jansen Stage 2 expansion.The company said it now expects the total investment estimate for the Jansen Stage 2 potash project in Canada to be $6.9 billion, up from $4.9 billion, with first production expected in late 2031. BHP said the higher cost is due to additional construction labor requirements, increased material needs, and inflation-related cost increases.BHP shares dropped more than 4% in London.Rio Tinto's copper concentrate deliveries from its Oyu Tolgoi mine in Mongolia have returned to normal levels after a brief interruption, the company's local unit said in a post on X.Shipments were temporarily interrupted due to a blockade of a key road by protesters, Bloomberg said Thursday.Shares of the mining major dropped 2.8% in London.Nokia's defense unit and European defense company KNDS said Thursday they are collaborating to provide 5G connectivity for combat vehicles.As part of the partnership, KNDS will integrate Nokia's Banshee deployable 5G-based technology into its VBCI armored infantry fighting vehicles, the companies said.Shares of the Finnish telecommunications company were off 2% in Helsinki.

Asia Markets5d ago

European Equities Traded in the US as American Depositary Receipts Little Changed in Thursday Trading

European equities traded in the US as American depositary receipts were down marginally late Thursday morning, edging 0.02% lower to 1,894.00 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biopharmaceutical company Cellectis (CLLS) and semiconductor company Sequans Communications (SQNS), which rose 2.1% and 2% respectively. They were followed by lender Banco Santander (SAN) and accommodations booking company trivago (TRVG), which were up 1.8% and 1.1% respectively.The decliners from continental Europe were led by petroleum refiner Equinor (EQNR) and internet browser company Opera (OPRA), which fell 5.4% and 2.3% respectively. They were followed by telecommunications company Nokia (NOK) and software firm SAP (SAP), which were down 1.8% and 1.6% respectively.The gainers from the UK were led by biopharmaceutical company Biodexa Pharmaceuticals (BDRX) and alcoholic beverage company Diageo (DEO), which advanced 4.7% and 2.4% respectively. They were followed by biopharmaceutical companies Amarin (AMRN) and Mereo BioPharma Group (MREO), which increased 3.5% and 2.8% respectively.The decliners from the UK and Ireland were led by oil and gas companies BP (BP) and Shell (SHEL), which dropped 2.9% and 2.6% respectively. They were followed by mining company BHP Group (BHP) and educational publisher Pearson (PSO), which lost 2.5% and 2.4% respectively.

Asia Markets5d ago

Asian Equities Traded in the US as American Depositary Receipts Rise Sharply in Thursday Trading

Asian equities traded in the US as American depositary receipts ended the shortened trading week sharply higher Thursday morning, rising 1.5% to 2,895.67 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by used car marketplace Uxin (UXIN) and semiconductor company Silicon Motion Technology (SIMO), which advanced 8.2% and 7.2%, respectively. They were followed by semiconductor company ASE Technology (ASX) and fashion platform MOGU (MOGU), which increased 6.3% and 1.8%, respectively.The decliners from North Asia were led by mobile app developer Cheetah Mobile (CMCM) and brand platform 36Kr (KRKR), which fell 5.3% and 5% respectively. They were followed by mobile app developer Cheetah Mobile (CMCM) and real estate management and digital security company Token Cat (TC), which were down 4.3% and 3.7% respectively.From South Asia, the gainers were led by fintech firm Trident Digital Tech (TDTH) and telecommunications operator PLDT (PHI), which rose 4.2% and 1.2% respectively. They were followed by lender ICICI Bank (IBN) and pharmaceutical company Dr. Reddy's Laboratories (RDY), which were up 1.1% and 0.5% respectively.The decliners from South Asia were led by IT firms Wipro (WIT) and Infosys (INFY), which lost 7.1% and 5.8% respectively. They were followed by tech conglomerate Sea (SE) and computer hardware maker Canaan (CAN), which dropped 1.1% and 0.1% respectively.

$ASX$CAN$CMCM$FEDU$IBN$INFY$KRKR$MOGU$PHI$RDY$SE$SIMO$TC$TDTH$UXIN$WIT

Asia Markets5d ago

Tadawul Shares End Week Subdued; US, Iran Sign Interim Peace Deal

The Tadawul All Share Index closed subdued at 0.06% in the green as the signing of the interim peace deal between Iran and the US took the global spotlight on Thursday.Dominating headlines is the signing of the US-Iran Islamabad Memorandum of Understanding. The 14-point deal includes sanction terminations, the reopening of the Strait of Hormuz, and a 60-day extension to its ceasefire to reach and negotiate a final deal.However, Israel's newest attacks on Lebanon caused market jitters as Iran stipulated that Lebanon should be included in its peace deal with the US."However, this sell off has partially reversed overnight following news shortly after the US close that the Presidents of the US and Iran had electronically signed an interim deal to end hostilities, with this MoU coming into effect. The signing had initially been expected on Friday, but Axios reported earlier yesterday that this may be brought forward. According to reports, the 14-point MoU foresees a rapid re-opening of the Strait of Hormuz, with an extendable 60-day period to negotiate a final deal that would cover nuclear issues and broad sanctions relief. The deal also envisages a $300bn fund for the 'reconstruction and economic development' of Iran, though Trump stressed yesterday that the US will not be investing in Iran and that Iran would benefit only if it 'behaves'," Deutsche Bank Research said in a note.In other news, and as expected, the US Federal Reserve kept its interest rates steady for the fourth time in a row, with the interest rates at the 3.50% to 3.75% range.Back at home, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, is reportedly looking into the sale of its sulphur business stake. The state-owned oil giant is said to be aiming to raise $7 billion from the sale. Shares of Aramco closed 0.30% lower.Meanwhile, Specialized Medical Co. (SASE:4019) ticked up 1.05% as its 51%-owned Al-Mukhtas Al-Sehhi Medical unit secured a contract to manage and operate the SABIC Behavioral Care Specialist hospital.

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Asia Markets4d ago

Update: US Equity Indexes Rise as Washington Lifts Blockade of Iran's Ports, Deal Sets Up Hormuz Chokepoint for Reopening

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